how much compound interest is earned by investing $ 20000 for 2 years at 5% per annum compounded annually
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Hi ,
Principal ( P ) = Rs 20000
Time ( t ) = 6 years
Rate of interest ( r ) = 5%
Number of times interest paid (n) = 6
Amount = P( 1 + r/100 )^n
A = 20000( 1 + 5/100 )^6
A = 20000 ( 21/20 )^6
A = Rs 26801.91
Compound interest = A - P
C.I = 26801.91 - 20000
=Rs 6801.90
I hope this helps you.
: )
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